jose.p
(CA in service)
(1676 Points)
Replied 04 May 2010
Mulye has been, since 1993, a part of the ICICI Group—a universe in which opportunities are there to be grabbed for fast-trackers. The 41-year-old had an opportunity to work across functions right from corporate finance (when ICICI was a development financial institution), to structured finance, treasury and distressed assets. She eventually rose to become CFO of ICICI Bank, where she found herself busy raising capital to the tune of billions of dollars, overseeing a merger (with Sangli Bank), and also hobnobbing with policy makers and regulators to create an intermediate holding company structure for the group and its myriad subsidiaries (that didn't find favour with regulators).
Before picking up the reins at ICICI's venture capital arm, Mulye also did a brief stint as Executive Director at the general insurance subsidiary, ICICI Lombard. "ICICI Group offers a wide range of opportunities and has the ecosystem to help leverage these opportunities," believes Mulye.
There are basically three types of CFOs-turned-CEOs: Those that rise to the top in a single organisation (à la Handa), those that jump organisations (like D. Sundaram, the veteran finance head of Hindustan Unilever who moved on as Vice Chairman and Managing Director at TVS Capital Funds last June), and those that are given an opportunity to head group businesses (like Mulye). Also fitting into that last category is 53-year-old Praveen Purshottam Kadle, who after a successful 11-year stint at Tata Motors, went on to head the newly-set up Tata Capital, two years ago.
KESHAV MURUGESH, CEO, WNS Holdings since Feb. 2010
CFO stint: Director (Finance) at Syntel between Mar. '02 and Oct. ‘04.
High point as CFO: Initiated business analytics that helped in sales and delivery.
Current mandate: Move up the value chain and expand delivery locations.
"Too many CFOs are happy just being CFOs and being an asset to the CEO"
Today, Kadle finds himself on the other side of the fence—from raising funds for growth to helping corporates do the same with Tata Capital's advisory services. The man who helped Tata Motors come back from a horrifying Rs 500-crore loss nine years ago says that the CFO experience comes in handy today as he is well-placed to understand the nuances of finance and creating shareholder value. An ability to navigate through the financial jungle is doubtless a great weapon to have in a CEO's armoury but by no means is it the only one.
P.K. Mukherjee, Managing Director, Sesa Goa (which was bought out by Anil Agarwal's Vedanta Group two years ago) recollects his six years till 2006 during which he was a CFO at the iron oremining firm. Along with looking at accounting and financial issues, Mukherjee would also travel to the business units and build informal relationships with operating managers. "I spent 25-30 per cent of my time on HR-related issues," says the 54-year-old CEO. "Most CFOs tend to behave like auditors—their approach is more of smelling a rat in the numbers," he quips.